Free cash flow volatility remains a concern, as evidenced by the swing from a 128.6% FCF margin in 2023Q3 to a negative 12.1% in 2025Q4 due to heavy fleet renewal investments.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Cash from Operations | 102.29M | 130.46M | 122.21M | 218M | 217.2M | 63.38M | 58.28M | 85.45M | 49.2M | 13.5M | 25.52M | 43.73M | 100.59M | 105.06M | 107.19M | 118.15M | 211.34M | 259.6M | 278.51M | -12.81M |
| Operating CF Margin % | 37.1% | 42.41% | 42.97% | 62.34% | 66.01% | 31.98% | 29.47% | 44.23% | 33.24% | 12.3% | 20.05% | 28.38% | 53.87% | 57.01% | 63.46% | 75.24% | 128.39% | 129.3% | 167.93% | -13.44% |
| Operating CF Growth % | -21.59% | 6.75% | -43.94% | 0.37% | 242.72% | 8.74% | -31.79% | 73.68% | 264.44% | -47.1% | -41.64% | -56.53% | -4.26% | -1.98% | -9.27% | -44.1% | -18.59% | -6.79% | 2274.81% | - |
| Net Income | 38.56M | 97.38M | 77.35M | 172.55M | 174.35M | -12.9M | 16.04M | 27.68M | -84.68M | -55.97M | -47.94M | 14.63M | 83.26M | 96.12M | 89.73M | 109.65M | 165.41M | 119.21M | 211.68M | 97.22M |
| Depreciation & Amortization | 59.88M | 58.13M | 54.13M | 49.52M | 52.36M | 54.27M | 50.31M | 48.07M | 51.42M | 49.48M | 47.13M | 43.08M | 37.39M | 32.25M | 24.29M | 19.94M | 14M | 10.74M | 9.75M | 9.73M |
| Stock-Based Compensation | 0 | 150K | 144K | 120K | 120K | 120K | 120K | 120K | 120K | 120K | 120K | 120K | 120K | 120K | 120K | 120K | 60K | 30K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -19.23M | 1.45M | 111K | 179K | 81.93M | 19.52M | 22.22M | -2.14M | -6.33M | -2.8M | 0 | -15.2M | -3.73M | 6.57M | 0 | 0 |
| Other Non-Cash Items | 8.26M | -15.22M | -5.35M | 4.88M | 2.9M | 1.97M | 2.12M | 1.79M | 2.83M | 3.06M | 3.11M | 1.84M | 1.25M | 1.23M | 263K | -4.83M | 19.37M | 20.1M | 49.78M | -121.45M |
| Working Capital Changes | -4.4M | -9.98M | -4.07M | -9.07M | 6.7M | 18.48M | -10.42M | 7.61M | -2.43M | -2.73M | 879K | -13.81M | -15.1M | -21.85M | -7.22M | 8.47M | 16.23M | 102.94M | 7.29M | 1.69M |
| Change in Receivables | 3.29M | -5.71M | -1.98M | 1.61M | -3.2M | 10.47M | -4.22M | -534K | -2.37M | -1.7M | -2.01M | 42K | 675K | 303K | -4.26M | 620K | -1.38M | 1.19M | -272K | 1.01M |
| Change in Inventory | -7.96M | 928K | -683K | -13.18M | 3.9M | -3.53M | -5.54M | 88K | 947K | 238K | 4.34M | -2.59M | -6.7M | -3.25M | -1.24M | -172K | -56K | -397K | -159K | -297K |
| Change in Payables | 3.52M | -1.12M | 385K | 505K | -3.99M | 2.46M | 5.04M | 2.63M | -486K | -1.68M | 1.73M | -997K | 950K | 1.88M | -287K | -1.2M | 1.09M | 373K | 0 | 0 |
| Cash from Investing | 9.7M | -71.73M | -151.73M | -229.4M | 8.55M | -34.78M | -36.78M | -63.67M | -38.2M | 21.3M | -182.18M | -67.01M | -100.34M | -158.15M | -125.89M | -131.71M | -191.86M | -148.22M | 88.42M | -33.84M |
| Capital Expenditures | -41.99M | -144.78M | -209.1M | -183.28M | -109.23M | -50.44M | -39.24M | -45.93M | -59.94M | -58.37M | -123.54M | -146.3M | -118.89M | -136.84M | -160.97M | -192.42M | -131.47M | -89.57M | 0 | 0 |
| CapEx % of Revenue | 15.23% | 47.06% | 73.52% | 52.41% | 33.2% | 25.46% | 19.84% | 23.78% | 40.49% | 53.18% | 97.03% | 94.94% | 63.67% | 74.25% | 95.3% | 122.54% | 79.87% | 44.61% | - | - |
| Acquisitions | 23.39M | 0 | 0 | 16.93M | 107.08M | -15.66M | -2.46M | 0 | 21.94M | 91.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 78M | 30.77M | 4K | 107.08M | 15.66M | 2.46M | -17.74M | -38.2K | 21.3K | -57.14M | 29.29M | 18.55M | -21.3M | 0 | 60.71M | -10.39M | -58.65M | 88.42M | -33.84M |
| Cash from Financing | -52.37M | -25.86M | 29.14M | -40.1M | -225.9M | -9.29M | 8.54M | -15.58M | -46.7M | -83.9M | 180.09M | 65.92M | -38.3M | 127.68M | -18.51M | 60.14M | -28.74M | -83.67M | -366.92M | 46.64M |
| Debt Issued (Net) | -12.75M | 36.16M | 89.97M | 46.3M | -265.73M | 10.4M | 26.24M | 7.79M | -7.54M | -84.03M | 203.24M | -38.73M | -107.37M | 131.38M | -10.45M | 23.51M | 3.96M | 135.6M | 142.57M | 1.93M |
| Equity Issued (Net) | -11.01M | -28.92M | -26.22M | -46.37M | 53.45M | -6.01M | -4.15M | -10.11M | -25.33M | -120K | -590K | 133.29M | 87.58M | 35.24M | 39.64M | 74.97M | 0 | -21.52M | -209.35M | 0 |
| Dividends Paid | -28.61M | -29.5M | -30.68M | -33.63M | -11.2M | -11.5M | -11.49M | -11.39M | -12.32M | -14.05M | -17.54M | -25.91M | -17.74M | -37.46M | -41.78M | -37.82M | -32.71M | -209.24M | -383.85M | 0 |
| Share Repurchases | -11.01M | -28.92M | -26.22M | -46.37M | -17.71M | -6.1M | -4.15M | -10.11M | 0 | -120K | -590K | -561K | 0 | 0 | 0 | 0 | 0 | -21.57M | -209.35M | 0 |
| Other Financing | 0 | -3.6M | -3.93M | -6.4M | -2.42M | -2.19M | -2.05M | -1.87M | -1.87M | 14.32M | -5.02M | -2.73M | -772K | -1.47M | -5.92M | -519K | 0 | 11.49M | 83.71M | 44.72M |
| Net Change in Cash | 57.5M | 32.5M | -25K | -52.17M | -938K | 19.55M | 30.05M | 6.08M | -36.3M | -49.13M | 23.43M | 42.64M | -38.05M | 74.6M | -37.21M | 46.9M | -9.27M | 27.7M | 0 | 0 |
| Free Cash Flow | 60.3M | -14.32M | -86.9M | 34.72M | 107.97M | 12.93M | 19.04M | 39.52M | -10.74M | -44.87M | -98.02M | -102.57M | -18.3M | -31.78M | -53.78M | -74.27M | 79.86M | 170.03M | 278.51M | -12.81M |
| FCF Margin % | 21.87% | -4.65% | -30.55% | 9.93% | 32.81% | 6.53% | 9.63% | 20.45% | -7.26% | -40.88% | -76.99% | -66.56% | -9.8% | -17.24% | -31.84% | -47.3% | 48.52% | 84.69% | 167.93% | -13.44% |
| FCF Growth % | 521.18% | 83.52% | -350.25% | -67.84% | 734.91% | -32.09% | -51.81% | 467.84% | 76.06% | 54.22% | 4.44% | -460.48% | 42.42% | 40.91% | 27.59% | -193% | -53.03% | -38.95% | 2274.81% | - |
| FCF per Share | 0.59 | -0.13 | -0.76 | 0.29 | 0.95 | 0.13 | 0.19 | 0.39 | -0.11 | -0.53 | -1.17 | -1.23 | -0.24 | -0.42 | -0.77 | -1.17 | 1.47 | 3.12 | 5.11 | -0.23 |
| FCF Conversion (FCF/Net Income) | 2.65x | 1.34x | 1.58x | 1.26x | 1.25x | -4.91x | 3.63x | 3.09x | -0.58x | -0.24x | -0.53x | 2.99x | 1.21x | 1.09x | 1.19x | 1.08x | 1.28x | 2.18x | 1.33x | -0.13x |
| Interest Paid | 0 | 29.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Chinese industrial demand volatility
As reported in financial statements, Safe Bulkers exhibits significant volatility in its OCF/NI ratio, which reached an extreme of 11.25 in 2025Q2, suggesting that reported net income frequently fails to capture the underlying cash-generative capacity of the company's core shipping operations.
The persistent gap between net income and operating cash flow indicates that non-cash charges and accounting adjustments play a disproportionate role in the company's bottom line. Investors should monitor whether this divergence stems from aggressive depreciation policies or the lumpy nature of vessel sales, which may obscure the true recurring cash flow profile.
Based on the provided cash flow data, Safe Bulkers' FCF margins have fluctuated wildly, swinging from a high of 128.6% in 2023Q3 to a negative 12.1% in 2025Q4, reflecting the company's susceptibility to cyclical capital expenditure requirements and shifting freight rate environments.
The inability to maintain consistent positive free cash flow suggests that the company's capital-intensive business model requires constant reinvestment to remain competitive. This trajectory warrants further investigation into whether the recent negative FCF is a temporary byproduct of fleet renewal or a structural challenge to long-term dividend sustainability.
According to recent SEC filings, Safe Bulkers' capital expenditure reached $33.2M in 2025Q4, representing a significant 45.8% of revenue, which highlights the heavy financial burden associated with maintaining a modern, fuel-efficient fleet in a cooling dry bulk market.
The high ratio of CapEx to revenue suggests that the company is prioritizing fleet modernization over immediate cash preservation. This strategy appears aimed at securing long-term competitive advantages through 'Eco' vessel compliance, though it simultaneously limits the company's ability to generate surplus cash during periods of rate weakness.
Based on reported figures, Safe Bulkers has utilized its cash reserves for both share repurchases and vessel acquisitions, with $11.4M allocated to buybacks in 2025Q4, signaling management's confidence in the company's intrinsic value despite the prevailing cyclical headwinds in the marine shipping sector.
The simultaneous pursuit of fleet expansion and share repurchases suggests a dual-track capital allocation strategy that balances growth with shareholder returns. However, investors should monitor whether this deployment pace remains sustainable if the current revenue contraction persists and limits the internal generation of cash.
Quick answers to the most common questions about buying SB stock.
Safe Bulkers, Inc. (SB) generated $102.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Safe Bulkers, Inc. (SB) generated $60.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Safe Bulkers, Inc. (SB) spent $42.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Safe Bulkers, Inc. (SB) returned $28.6M to shareholders via cash dividends and spent $11.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.